On Sunday, Fox News White House correspondent Jacqui Heinrich took to Twitter to note how the Biden administration and the Council of Economic Advisers are seeking to redefine what a recession is. In reality, a recession is defined by two consecutive quarters of negative economic growth. Concerned that this week’s GDP report will show the second straight quarter of negative growth, the White House published a blog on their website in an attempt to gaslight Americans into believing we won’t be in a recession if we have another negative quarter.
“Bracing for impact: Even if Thursday's GDP report shows a second consecutive quarter of negative growth, you won't hear the Biden admin using the R-word. The Council of Economic Advisers is redefining what a recession is…” Heinrich said on Twitter.
Bracing for impact: Even if Thursday's GDP report shows a second consecutive quarter of negative growth, you won't hear the Biden admin using the R-word.
— Jacqui Heinrich (@JacquiHeinrich) July 24, 2022
The Council of Economic Advisers is redefining what a recession is...🤔https://t.co/HHBYJKqP5V pic.twitter.com/gecR93vPPj
Despite Heinrich and her network doing their best to keep the Biden administration honest, the evening network newscasts had no interest in calling attention to the White House’s gaslighting.
During ABC’s World News Tonight, senior national correspondent Terry Moran attempted to smooth things over for Biden.
“[T]hose key indicators, new home sales, consumer confidence, spending, inflation, the big one on Thursday, economic growth, will tell the tale,” Moran said in reference to whether the United States in currently in a recession.
Moran tried covering for the Biden administration that while “the rule of thumb, [is] two straight quarters of negative growth equals a recession, but the White House doesn't want to use the r-word.” Adding: “Officials pointing to the jobs market, which remains historically strong, and the President saying, God willing, I don't think we're gonna see a recession.”
At no point during the segment did ABC note how the administration is redefining recession, just that “the White House doesn't want to use the r-word” i.e. recession.
Over on NBC Nightly News, anchor Lester Holt and correspondent Tom Costello did paint a realistic view of the economy, however, there was no mention of Biden of his council of economic advisors changing definitions of a universally accepted economic definition.
Costello noted how the “second-quarter GDP numbers could signal that the economy shrank for two quarters in a row. A common definition for a recession.” In the next breath, he added how “Americans are still spending and employers are still hiring. President Biden says a recession is not a done deal.”
At least ABC and NBC ran segments on the economy. The only economic-related story CBS Evening News ran was on rising rents in Tampa, Florida.
The three networks covering for the Biden administration’s economic gaslighting were made possible by Ensure on ABC, Tylenol on CBS, and Liberty Mutual on NBC. Their information is linked.
ABC’s World News Tonight
July 25, 2022
6:40:47 p.m. EasternDAVID MUIR: So, let's bring in Terry Moran live in Washington tonight. Terry, as the President recovers here, he knows these key economic indicators come out this week. He was pressed in fact today on whether this country is headed into a recession.
TERRY MORAN: He was David. And those key indicators, new home sales, consumer confidence, spending, inflation, the big one on Thursday, economic growth, will tell the tale. The rule of thumb, two straight quarters of negative growth equals a recession, but the White House doesn't want to use the r-word. Officials pointing to the jobs market, which remains historically strong, and the President saying, God willing, I don't think we're gonna see a recession. David?
NBC Nightly News
July 25, 2022
7:22:18 p.m. EasternLESTER HOLT: And this week we are going to learn a lot more about the health of our economy like whether we're on the brink of a recession as the Fed is poised to act again to try and slow the unrelenting rise in the price of so many things we buy. Here's Tom Costello.
TOM COSTELLO: In Washington and across the country, high stakes over four-decade high inflation, up 9 percent year over year. In Illinois, mother of three and special Ed teacher Ali Alvarado says it's taking a financial and emotional toll. Clothing up 5 percent, gas up nearly 60 percent, food prices up 10.5 percent forcing them to cut back.
ALI ALVARADO: And now it's back to kind of paycheck to paycheck and watching to make sure we're not going into overdraft.
COSTELLO: At a food bank in Loudoun County, Virginia, so many families are asking for help they ran out of food after 90 minutes today.
JENNIFER MONTGOMERY (LOUDOUN HUNGER RELIEF CEO): We are seeing 20 to 25 new families each week that are coming in, that are new to us, that have never gotten our services before.
COSTELLO: Meanwhile, a new AAA poll finds 88 percent of those asked are cutting back on driving due to higher gas prices. While prices have recently dropped they're still averaging $4.36 a gallon nationwide. All of it adding pressure on the Fed expected to raise interest rates other three-quarters of a percentage point this week. Just as second-quarter GDP numbers could signal that the economy shrank for two quarters in a row. A common definition for a recession.
But Americans are still spending and employers are still hiring. President Biden says a recession is not a done deal.
PRESIDENT JOE BIDEN: God willing, I don't think we’re gonna see a recession.
COSTELLO: Financial planners still suggest paying down debt now since interest rates are likely to keep climbing through this year with the rate cut not likely until next year at the earliest. Lester?
